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OVL to make formal bid for Imperial Energy soon
OVL to make formal bid for Imperial Energy soon. ONGC Videsh Ltd (OVL), the overseas investment arm of exploration major ONGC, is expected to make a formal bid for Imperial Energy Corp soon.
ONGC Videsh Ltd (OVL), the overseas investment arm of exploration major ONGC, is expected to make a formal bid for Imperial Energy Corp soon.
'Binding bid'
Sources told Business Line that the company has been examining various issues and a "binding bid" will be made soon.
London Stock Exchange (LSE) listed oil exploration and production company Imperial Energy has been attracting a lot of attention lately with major companies from Asia - India and China - pitching for stake.
Sources remained non-committal on the bid amount or speculations that OVL may rope in a strategic partner.
"It is a long process," said a source, adding that apart from shareholders' approval, a counter bid can also be submitted.
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'Binding bid' 
